Today Crude Outlook(12marc):Karvy Commtrade
Published on Friday, March 12th, 2010 at 4:38 PMAuthor: onlinecommoditycalls (1958 Articles)
Crude oil April contracts on NYMEX closed yesterday at $82.11 with a gain of 0.02 percent. Yesterdays US weekly job data came above market expectations and were slightly negative for the oil market.
However trade balance data came below market expectations and was positive for oil prices. Overall the data was mixed for prices. Prices declined earlier yesterday on speculation that china may bring an end to the stimulus measures more than expected.
OUTLOOK:
Economic data from Germany and Euro zone in the form of wholesale price index and industrial production respectively are expected to show rising inflation in Germany and rising industrial growth in Euro zone.
While higher inflation in Germany may result in a weaker euro and consequently result in prices trading lower, higher industrial production growth may see oil prices rising. Data from US in the form of advance retail sales and business inventories may show a decline in sales and rising inventories.
As a result both data are expected to have a negative impact on prices. Reuters/Michigan Consumer sentiment index which is rising may support oil prices to trade higher. Overall the data in the evening may result in oil prices trading lower.
TECHNICAL RECOMMENDATIONS
MCX Crude Oil March: March Crude oil futures prices traded higher and closed above at 3740 levels. Prices closed well above the previous day close at 3711 levels. Now, next crucial resistance is seen at 3750 levels and then at 3785 levels.
On the lower side, the crucial support is at 3705 levels. If market breaches this levels it may test next levels at 3680 levels. We recommend buying near support levels for the day.
Courtesy: Karvy Commtrade Ltd.
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